Bangalore. April 22, 2004 - Ittiam Systems today announced profitable operation in the third year since its inception. The company closed the financial year ending on March 31, 2004 with audited revenues of US $4.78 million (Indian Rupees 219.8 million), a net profit of US $1.03 million (Indian Rupees 47.4 million) and a licensee base of more than 40 customers worldwide. This includes Fortune 100 semiconductor companies and original equipment manufacturers.
"Ittiam has been profitable since April 2003", said Srini Rajam, chairman and chief executive officer, Ittiam Systems. "Now we are very well positioned in the fast growing market segments such as digital A-V, wireless LAN and VoIP", he added.
Multiple products embedded with Ittiam technology have already hit the markets around the world. In the recent past Ittiam's versatile media player, recorder and server reference design was showcased in the Consumer Electronics Show 2004, Las Vegas, U.S.A. It was followed by the exhibition of the company's advanced media processing technology for mobile phones in the 3GSM World Congress 04, Cannes, France. Ittiam has already filed eight patent applications with seven more in the queue.
Said Will Strauss, founder and president of Forward Concepts, a world-leading DSP market research firm based in Tempe, U.S.A, "Ittiam establishing a profitable DSP IP business in a short span of 3-years is a world-class achievement; Ittiam has emerged as a well recognized supplier of both software and hardware IP for digital signal processing applications in multimedia and communications for global customers".
"We are very happy to be associated with Ittiam right from its conceptual stage. Ittiam has successfully pioneered the business model in India for intellectual property licensing based on leading edge DSP technology", said V.G. Siddhartha, Head of Global Technology Ventures (GTV), a leading venture capital company in India with investments in software and high technology companies including Ittiam Systems, "We are very confident of the company's growth plans and its ability to create a high value in the coming years", he added.
Ittiam is projecting strong growth for the next three to four years that would position the company for an initial public offering in 2007-2008 timeframe with revenue of around US $25 million.
Ittiam Systems Private Limited, headquartered in Bangalore, is a technology product company singularly focussed on digital signal processing systems in media and communication. The company operates through its network of offices and representatives around the world. Ittiam's customers include Fortune 100 companies and are distributed across U.S., Europe, Japan and Asia. For more details, visit www.ittiam.com.